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AUDIT 2012/04/19 Minutes The City of Lake Forest AUDIT COMMITTEE Proceedings of the April 19, 2012 Meeting 5:15 p.m. – City Hall, 220 E. Deerpath City Council Conference Room Minutes I. Call to Order and Roll Call Chairman Jacobs called the meeting to order at 5:15 p.m. Audit Committee Members present: Chairman Jacobs, Marwede, Moreno and Finance Committee Chairman George Pandaleon. Absent: Mayor Cowhey, Ms. Krebs and Ms. Reich. Quorum present. City staff present: Robert Kiely, City Manager; Diane Hall, Assistant Finance Director; Todd Nahigian, Croya Manager and Marla Schachtel, Senior Resources Manager. Others present: Les Hammar, Senior Foundation Treasurer; Paul Lemieux, Senior Resource Commission Chairman; David Cain, Milburn Cain & Co., Linda Abernethy, Partner with McGladrey & Pullen, LLP. Number present in the audience: none. II. Consent Agenda Approval of minutes from Audit Committee held on October 20, 2011 Ms. Moreno made a motion to approve the October 20, 2011 minutes. The motion was seconded by Mr. Marwede. The motion carried unanimously by voice vote. McGladrey and Pullen 4-30-12 Engagement Letter The Committee reviewed the engagement letter with Ms. Linda Abernethy, Partner with McGladrey & Pullen. A motion was made by Ms. Moreno, seconded by Mr. Marwede, to recommend to the City Council to accept the engagement letter. The motion carried unanimously by voice vote. III. Lake Forest – Lake Bluff Senior Citizen Foundation: Mr. Les Hammer discussed the primary purpose of the Foundation is to raise funds to assist the Senior Center. He discussed the nature of the assets held by the Foundation. He stated that their biggest concern was that they currently hold $700,000 in bonds and that a large change in interest rates will affect their portfolio. He reviewed the current internal controls that are in place. Mr. Kiely stated that a full building review needs to be completed to create a strategic plan for future repairs. He stated that areas that are responsibility of the City need to be identified. He stated that the Senior Advocate will need to be addressed at a later time. IV. Lake Forest Croya Foundation Mr. Nahigian stated that the Foundation was founded to raise funds to expand the Croya Facility. He stated that the Foundation has not completed any large fund raising since the completion of the new facility. He stated that the Foundation provides for a portion of the Administrative Assistant’s salary and the temporary salaries. He stated that the Foundation also provides annual scholarships and for equipment for Croya. Mr. Cain reviewed the financial statements for the Foundation. He stated that an audit is not completed due to the fact that the assets are below the threshold requiring an annual audit. He stated that a compilation was completed. Mr. Nahigian stated that the Audit Committee Meeting Minutes – April 19, 2012 Page 2 of 2 Foundation needs a cause to grow. He stated that one possible cause is to fund an advocate to help with the kids. V. Other Business None VI. Adjournment There being no further business, a motion was made by Mr. Marwede to adjourn the meeting. The motion was seconded by Ms. Moreno. The motion was approved unanimously by voice vote. The meeting was adjourned at 6:20 p.m. Respectfully submitted, Diane Hall Assistant Finance Director